British bookmaker William Hill is inching closer to a media partnership deal with American sports media heavyweight CBS Sports. The move could help the bookmaker establish itself firmly on US soil and fulfill its dreams of becoming a betting giant here.
Partnership to be announced soon
The Sunday Times reported that CBS Sports and William Hill are in the final stages of negotiations and will announce their partnership soon. Their talks regarding a potential partnership focused on sports betting was first unveiled in January this year. This deal could help William Hill advertise its offering to more than 42 million monthly visitors of the CBS Sports website.
Some reports stated later in the month that negotiations have fallen apart. However, we now hear that the talks are still in motion, and a deal is imminent. William Hill is following in the footsteps of another bookmaker from across the Atlantic- GVC Holdings. The company signed a deal with Yahoo Sports alongside its local partner MGM Resorts International. After the deal, Yahoo became the official Digital Media Sports Partner for the two companies as well as the BetMGM betting application.
Betfair and Paddy Power owner Flutter Entertainment is also eyeing a media partnership with FOX Sports via The Stars Group merger.
Why are British companies interested in the US?
Betfair, Paddy Power, William Hill, and GVC Holdings are startled because of the new regulations in the British gambling market. The government is constantly reigning in the industry with newer, stricter laws that have impacted its profitability. However, the grass appears greener in the US, where federal law (PASPA) was slashed about two years ago. It has allowed the US stated to create legalized sports betting markets in their jurisdiction. Less than two dozen states have already legalized sports betting while others are also following suit.
This makes the US market more interesting for British/European companies who are suffering due to regulatory practices in their domestic markets. William Hill has been greatly impacted because of the maximum stake restrictions on Fixed Odd Betting Machines (FOBTs). The government brought down maximum stakes on these machines from £100 to £2. Consequently, William Hill’s retail heavy network suffered, and they had to shut 700 high street betting establishments.
The regulators will also ban credit card gambling in April, which will further chip away their profits. A strong footing in the US could help them survive in changing regulatory times. William Hill is already a prominent player in Nevada’s markets and reaching out in other states could be useful in turning around their fortunes.